SHANGHAI, Dec. 10 (SMM) – The US dollar overnight continued to fluctuated along with market concerns over interest rate hikes in China, the positive economic data in the US, and higher yield rates of the US government bonds. The US dollar index moved in the 79.7-80.2 range for the whole trading day before closing at 80.06. As market expected that China’s copper imports will drop further in November, and as market took a wait-and-see attitude for a clear policy direction from the recent China’s Central Government Economic Work Conference, LME copper prices dropped from profit taking. Meanwhile, the shift of China’s monetary policy to a stable one in 2011 will restrict demand in China, also adding to market concerns over the outlook. In this context, LME copper prices fell back after hitting a new record high of USD 9,091/mt, and finally closed at USD 8,920/mt, down as low as USD 8,898/mt.
The US dollar is expected to move between 79.90-80.40 during Friday’s Asian trading hours, and LME copper prices will move in the USD 8,850-9,000/mt, and SHFE three-month copper contract prices will fluctuate between RMB 66,000-67,100/mt on Friday.
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